EconoIndicators

CPI At a Glance

• CPI-U: 212.425
• Monthly Change: Down 1.9%
• Year-to-year Change: Up 1.1%
• Core CPI-U: unchanged [Seasonally adjusted]
• CPI-W: 207.296
• Monthly Change: Down 2.3%
• Year-to-year Change: Up 0.7%
• Chained CPI-U: 124.784
• Monthly Change: Down 2%
• Year-to-Year Change: Up 0.7%

Important notes: Numbers are not seasonally adjusted unless noted; base year=100 for CPI-U and CPI-W is 1982-1984; base year for C-CPI-U is 1999.

Technorati Tags: Consumer, Price, Index, CPI, inflation

CONSUMER PRICE INDEX: NOVEMBER 2008

The Consumer Price Index for All Urban Consumers (CPI-U) decreased
1.9 percent in November, before seasonal adjustment, the Bureau of Labor
Statistics of the U.S. Department of Labor reported today. The November
level of 212.425 (1982-84=100) was 1.1 percent higher than in November
2007.

The Consumer Price Index for Urban Wage Earners and Clerical Workers
(CPI-W) decreased 2.3 percent in November, prior to seasonal adjustment.
The November level of 207.296 (1982-84=100) was 0.7 percent higher than in
November 2007.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U)
decreased 2.0 percent in November on a not seasonally adjusted basis. The
November level of 122.284 (December 1999=100) was 0.7 percent higher than
in November 2007. Please note that the indexes for the post-2006 period
are subject to revision.

CPI for All Urban Consumers (CPI-U)

On a seasonally adjusted basis, the CPI-U decreased 1.7 percent in
November, the second consecutive record decrease. For the 12 month period
ending in November the CPI was up 1.1 percent, compared to 5.6 percent for
the twelve months ending July of this year. Falling energy prices,
particularly gasoline, drove the decline in the overall index. Excluding
energy, the index was virtually unchanged.

The energy index fell 17.0 percent in November. The decrease was
about twice the October decline and energy prices are now 32.4 percent
below the July peak earlier this year. The gasoline index fell 29.5
percent in November and gas prices are now 47.0 percent below their July
peak. The natural gas index also (cont.)

Table A. Percent changes in CPI for All Urban Consumers (CPI-U)

Seasonally adjusted

Expenditure Compound
Category Changes from preceding month annual Un-
rate adjusted
3-mos. 12-mos.
May June July Aug. Sep. Oct. Nov. ended ended
2008 2008 2008 2008 2008 2008 2008 Nov. 2008 Nov. 2008

All items………. .6 1.1 .8 -.1 .0 -1.0 -1.7 -10.2 1.1
Food and beverages .3 .7 .9 .6 .6 .3 .2 4.1 5.9
Housing……….. .5 .5 .6 -.1 -.1 .0 -.1 -1.0 2.7
Apparel……….. -.3 .1 1.2 .5 -.1 -1.0 .3 -3.3 .0
Transportation…. 2.0 3.8 1.7 -1.5 -.6 -5.4 -9.8 -48.1 -8.9
Medical care…… .2 .2 .1 .2 .3 .2 .2 2.9 2.7
Recreation…….. .1 .1 .4 .5 .2 .1 .0 1.2 2.0
Education and
communication.. .4 .5 .5 .2 .1 .2 .2 2.1 3.6
Other goods and
services……. .4 .4 .4 .2 .2 .3 .0 1.9 3.8
Special indexes:
Energy………… 4.4 6.6 4.0 -3.1 -1.9 -8.6 -17.0 -69.3 -13.3
Food………….. .3 .8 .9 .6 .6 .3 .2 4.0 6.0
All items less
food and energy .2 .3 .3 .2 .1 -.1 .0 .4 2.0

declined in November, the fourth consecutive decrease. After seasonal
adjustment, the index was down 21.7 percent from July to November.

Food prices increased 0.2 percent November following a 0.3 percent
rise in October. Excluding food and energy, the CPI was virtually
unchanged in November and is up 2.0 percent since November 2007.
Continuing declines in the indexes for new and used motor vehicles,
lodging away from home, airline fares and some technology-related
commodities offset small increases in a variety of other service and
commodity items.

For the first eleven months of 2008, the all items index rose at a
seasonally adjusted annualized rate (SAAR) of 0.7 percent after increasing
4.1 percent in all of 2007. The energy index, which rose 17.4 percent
during 2007, has declined at a SAAR of 16.0 percent through the first
eleven months of 2008. The food index has risen at a 6.5 percent SAAR for
the first eleven months of 2008 after increasing 4.9 percent in 2007.
Excluding food and energy, the CPI has advanced at a 1.9 percent SAAR so
far in 2008 after rising 2.4 percent in 2007.

The food and beverages index rose 0.2 percent in November after
increasing 0.3 percent in October. The food at home index was unchanged
in November. The index for meat, poultry, fish and eggs turned down in
November for the first time since February, falling 0.7 percent as the
indexes for beef, fish, and eggs all declined. The fruits and vegetables
index also declined for the third month in a row, with the decrease being
driven by a decline in the fresh fruits index. These declines were offset
by increases in the other grocery store food groups, including a 0.6
percent advance in the other food at home index and a 0.4 percent increase
in the index for dairy and related products. Compared to November 2007,
the food at home index was up 7.0 percent, with the largest increase in
the cereal and bakery products index at 12.0 percent and the smallest
increase in dairy and related products at 3.5 percent. The food away from
home index rose 0.3 percent in November and the index for alcoholic
beverages increased 0.5 percent.

The housing index fell 0.1 percent in November after being virtually
unchanged in October. The index for shelter, virtually unchanged in
October, rose 0.2 percent in November. Within shelter, the indexes for
rent and owners’ equivalent rent both rose 0.3 percent, while the index
for lodging away from home fell 1.1 percent in November, its second
straight significant decline. The index for household energy, down 0.9
percent in October, fell 2.0 percent in November. Both the fuel oil and
natural gas indexes posted substantial declines for the fourth consecutive
month; the fuel oil index decreased 14.6 percent in November and the
natural gas index fell 5.2 percent. The electricity index rose for the
second straight month, increasing 0.6 percent in November. The index for
household furnishings and operations, virtually unchanged in October, fell
0.2 percent in November.

The transportation index declined 9.8 percent in November after
falling 5.4 percent in October as several major components of the index
continued to decline. The index for motor fuel fell 29.0 percent in
November after decreasing 13.9 percent in October and is 28.6 percent
lower than in November 2007. New and used motor vehicles, down 0.7
percent in October, fell 0.9 percent in November. The index for used cars
and trucks declined 2.2 percent in November and the new vehicles index
fell 0.6 percent and has declined 2.9 percent since November 2007. The
index for public transportation, down 3.3 percent in October, fell 2.7
percent in November, with the airline fare index declining 4.0 percent.
It was the third consecutive decrease in the airline fare index, but it is
still up 4.0 percent since November 2007.

The apparel index turned up in November, rising 0.3 percent after
declining 1.0 percent in October. (Before seasonal adjustment, apparel
prices declined 0.8 percent in November and are virtually unchanged from
their November 2007 level.)

The index for medical care rose 0.2 percent in November, the same
increase as in October, and was 2.7 percent higher than in November 2007.
The medical care commodities index rose 0.6 percent in November following
a 0.2 percent increase in October as the index for prescription drugs rose
0.6 percent in November after increasing 0.3 percent in each of the two
prior months. The index for medical care services rose 0.1 percent in
November after rising 0.2 percent in October. Within medical care
services, the physicians’ services index rose 0.3 percent after increasing
0.1 percent in October and the index for hospital and related services was
virtually unchanged in November after advancing 0.4 percent in October.

After rising 0.1 percent in October, the index for recreation was
virtually unchanged in November. The indexes for video and audio and for
toys decreased in November while the indexes for pets, pet products and
services, for sporting goods, and for admissions all posted increases.

The index for education and communication rose 0.2 percent in
November, the same increase as the previous month. The index for
education repeated its October increase of 0.4 percent while the
communication index rose 0.1 percent after being virtually unchanged in
October. Within communication, the telephone services index rose 0.1
percent while the index for information technology, hardware and services
declined 0.1 percent.

The other goods and services index was virtually unchanged in
November after rising 0.3 percent in October. The indexes for tobacco and
smoking products and for personal care were both virtually unchanged in
November after posting respective increases of 0.4 percent and 0.2 percent
in October.

CPI for Urban Wage Earners and Clerical Workers (CPI-W)

On a seasonally adjusted basis, the CPI for Urban Wage Earners and
Clerical Workers decreased 2.1 percent in November.

Table B. Percent changes in CPI for Urban Wage Earners and
Clerical Workers (CPI-W)

Seasonally adjusted

Expenditure Compound
Category Changes from preceding month annual Un-
rate adjusted
3-mos. 12-mos.
May June July Aug. Sep. Oct. Nov. ended ended
2008 2008 2008 2008 2008 2008 2008 Nov. 2008 Nov. 2008

All items………. .7 1.2 .9 -.2 -.1 -1.2 -2.1 -12.9 .7
Food and beverages .3 .8 .9 .6 .6 .3 .2 4.2 6.0
Housing……….. .5 .5 .7 .0 -.2 .0 -.1 -.8 3.1
Apparel……….. -.2 .0 .8 1.0 .0 -1.2 .2 -3.9 .2
Transportation…. 2.1 4.0 1.8 -1.7 -.7 -6.0 -10.9 -52.1 -10.4
Medical care…… .1 .2 .1 .3 .3 .1 .2 2.7 2.7
Recreation…….. .0 .2 .4 .5 .2 .0 -.1 .8 1.9
Education and
communication.. .3 .5 .5 .2 .0 .2 .2 1.6 3.4
Other goods and
services……. .5 .6 .5 .2 .2 .3 .1 2.4 4.4
Special indexes:
Energy………… 4.5 6.8 4.0 -3.2 -1.7 -9.0 -17.8 -70.8 -14.3
Food………….. .3 .8 .9 .6 .6 .3 .2 4.1 6.2
All items less
food and energy .2 .3 .3 .2 .1 -.1 .0 .1 2.0

Consumer Price Index data for December are scheduled for release on
Friday, January 16, 2009, at 8:30 A.M. (EST).

Consumer Price Index (CPI) – November 2008 [PDF]

Source: Department of Labor, Bureau of Labor Statistics